The commercial space market which nosedived during the pandemic situation is recovering gradually, giving a shot in the arm to the realty development industry.
During the current year, seven main cities across the country will have a total of 45 lakh sft shopping mall space to offer. Out of it, 85 per cent will be in main cities and the rest of the 15 per cent would be in tier-2 and tier-3 towns and cities.
Bengaluru accounts for 12.2 lakh sft of mall space, while Mumbai and Noida account for 11 lakh mall space each, Amaravati and Lucknow will account for 4.7 lakh sft of the office space each.
In 2019, 85 lakh sft of mall space was on the offer, registering 73 per cent growth in the mall space brought to the market the previous year. Because of lockdown conditions, many confined themselves to their homes and purchased their requirements through online marketing. As a result, physical retail space requirement has nosedived. Because of this, the mall space that was brought to the market in 2020 shrunk to 21-lakh sft compared to the mall space that was brought to the market in 2019.
